Problem 8-9 (Algo) LIFO liquidation [LO8-4, 8-6] A company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The companys records under this system reveal the following inventory layers at the beginning of 2024 (listed in chronological order of acquisition): 12,000 units @ $10 $ 120,000 17,000 units @ $15 255,000 Beginning inventory $ 375,000 During 2024, 34,000 units were purchased for $20 per unit. Due to unexpected demand for the company's product, 20

A company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company's records under this system reveal the following inventory layers at the beginning of 2024 (listed in chronological order of acquisition): During 2024,34,000 units were purchased for $20 per unit. Due to unexpected demand for the company's product, 2024 sales totaled 42,000 units at various prices, leaving 21,000 units in ending inventory. Required: 1. Calculate the amount to report for cost of goods sold for 2024. 2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2024 financial statements. Assume an income tax rate of 25%. 3. If the company decided to purchase an additional 8,000 units at $20 per unit at the end of the year, how much income tax currently payable would be saved